(57) This invention is directed to water-in-oil emulsions which are useful as explosives. These emulsions comprise: a discontinuous aqueous phase comprising at least one oxygen-supplying component; a continuous organic phase comprising at least one carbonaceous fuel; and a minor emulsifying amount of at least one emulsifier. The emulsifier is the product made by the reaction of component (A) with component (B), component (A) being at least one substituted succinic acylating agent, said substituted succinic acylating agent consisting of substituent groups and succinic groups wherein the substituent groups are derived from a polyalkene, said acylating agents being characterized by the presence within their structure of an average of at least 1.3 succinic groups for each equivalent weight of substituent groups, and component (B) being ammonia and/or at least one amine.